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Property Division Archives

Divorcing spouses need to know financial picture

Many Pennsylvania couples know they're likely to need separate legal representation to help them through the process of divorce. Some may not realize, however, that having a financial adviser can be just as beneficial, especially if the couple's financial picture is complicated.

Issues to avoid with dividing retirement assets

In divorce cases in Pennsylvania and around the country in which a spouse has accumulated money in a retirement account or a non-qualified plan, the accounts held are in most cases subject to property division. It is important to understand how to correctly divide these accounts and to avoid making errors that could cost significant sums.

Tax responsibilities for property transfers in divorce

Divorcing spouses in Pennsylvania often must deal with several complex financial matters when they negotiate a settlement agreement, including property division. Some might need to carefully consider the tax responsibilities that apply to their property settlements before it is too late to make changes.

Divorce rates among older couples are increasing

Divorce rates among older adults are increasing in Pennsylvania and across the country. In 2014, married people over age 50 were twice as likely to file for divorced compared to married couples of the same age in 1990. The increase was even higher for persons over age 65. Divorce rates have remained the same or even dropped for other age groups.

Detecting fraud and asset concealment in divorce

Most Pennsylvania couples who are going through a divorce will not have to worry about financial fraud, but in a small number of cases, hiding or even destroying assets can be a problem. In some divorces, something known as dissipation may occur. This is when a spouse spends or ruins assets. It might include allowing a house to fall into a foreclosure, destruction of personal property or selling items at a loss. Dissipation can also include transferring money into the accounts of others. An individual might lie to family members and claim their spouse is taking money from the account to get them to unwittingly participate in this type of fraud.

Financial ramifications of a divorce

Going through a divorce can be emotionally difficult for many Pennsylvania couples, but it can also greatly impact both parties' financial situations. Part of this can be due to alimony and child support payments, but the majority of the change is from now-separate living expenses, including housing, utilities and groceries. Because of these additional expenses, alimony and child support may not cover all of the recipient's needs. The payer can also suffer because this reduces available funds for other expenses.

Man facing civil contempt in divorce case

Pennsylvania couples who are going through a divorce and who are struggling with property division issues might be interested in knowing about a case that is wending its way through the New York court system. The man in that case is facing civil contempt for refusing to tell the court where money from the sale of marital property that took place during his divorce proceeding went.

Equitable distribution rules in Pennsylvania divorces

Many people believe that marital property is divided equally when a couple decides to divorce. States that divide marital assets in this way are known as community property states, but Pennsylvania follows what are called equitable property distribution rules. There are only nine states, located mainly in the western part of the country, that follow community property rules. Equitable distribution has been adopted in most states because it allows judges to make fairer decisions based on a number of factors.

Pets are like children in modern divorce cases

Pennsylvania dog owners may be interested to know how custody of family pets is handled in divorce cases. In the past, pets were usually considered personal property in these types of matters, but it is becoming increasingly common for them to be treated more like the divorcing couple's children than like their possessions, with custody arrangements being the new norm.

Division of debt in divorce

As Pennsylvania couples likely know, divorce involves division of assets when spouses go their separate ways. Some individuals may not realize it includes the division of debts, and knowing how this works might help to avoid surprises and stress during the divorce proceedings.

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